Volvo Financial Services Reviews - Financial Lender Pros & Cons


talia-stern writer
By Talia Stern
Updated July 18, 2021
Editor's Rating
Best for Semi Trucks
Customer Rating 0 Reviews

Overview

Volvo Financial Services was established in 2001, a financial arm of the Volvo Group. The Volvo group  is ranked as one of the world's top enterprises of transportation solutions in the industries of trucks and buses, equipment related to construction, and marine applications. For its customers, Volvo financial services and its various branches offer a flexible financial solution that can be opted to help a business purchase or rent a car or machine. The branches of the Volvo Group include Volvo Construction Equipment, Volvo Buses, Renault Trucks, and more.

Volvo Financial services serve in 50 countries around the globe, with 1600 employees efficiently working in different parts of the world. It is headquartered in Greensboro, North Carolina. 

Pros
  • Discounts for soldiers, recent college graduates, and more. 
  • Can combine funding, maintenance, and insurance costs in a single invoice.
  • Flexible payments as a grace period may be applied to late payments.
Cons
  • There is no online application service.
  • No discounts are offered for first responders.
  • There is no information available on potential rates or loan terms.
  • Only serves the transportation industry.
  • Limited financial services available.

Services Offered

As Volvo Financial Solutions is part of the Volvo Group, it only provides lease or loans for vehicles.

Tailored Financing Plans

Volvo Financial Services offers tailored plans that help customers find a financing option suited for their business needs. They offer the options of both fixed as well as variable interest rates. However, no information related to these tailored plans is officially available on the company’s website or anywhere else online.

Electromobility Services

Electrification of commercial vehicles is a rapid new development in the automobile industry and the main focus of this change is to reduce the impact on the environment. Volvo Group has developed a financial strategy to sell 100% fossil-fuel vehicles from 2040 and to be CO2 neutral by the end of 2050. Volvo Group is the first car manufacturing company that has developed fully hybrid cars and has moved the transportation industry ahead. Volvo Financial Services is working to develop an electromobility solution for customers so they can shift from petrol oriented vehicles and machines to electric trucks, buses, and construction equipment. Volvo Financial Service gives its customer the choice to buy a Volvo electric truck with a versatile lease plan. The purpose of this agreement is to maximize availability and provide more predictable costs.

Payment Solutions

Volvo Financial Services' worldwide payment platform is designed to deliver a seamless and flexible payment experience to its customers. Volvo Pay's goal is relatively simpler, enabling customers to easily pay for Volvo Group services. 

The Volvo platform offers customers the best payment support and allows them to live an experience that corresponds to their needs like no other supplier. 

Mobility Solutions

The need for mobility changes quickly. Volvo Financial Services works closely with businesses around the globe to create the best mobility solution for the customers. Volvo Group has a subdivision called the Renault Trucks that has collaborated with Wagonex, formerly iLabX based in London, for a pilot subscription in selected markets. The service includes everything regarding vehicle maintenance, roadside assistance, and insurance, but service related to fuel is not included. Volvo Financial Services have developed a user-based model known as Pay As You Use (PAYU) which allows the customers to pay monthly for the use of any Volvo Group product whether it is a truck, bus, or any commercial vehicle. Volvo financial services offer this solution in selected markets to optimize cash flow and provide a flexible repayment structure when it comes to seasonal activities.

Industries it Serves:

Volvo Financial services provides services to the following industries:

Qualification

A Volvo auto loan or lease can be a good choice for buyers who are looking for a new Volvo, but the most lucrative offers and the incentives are probably going to go to the businesses that have the best credit score. Fleet businesses who want to qualify for the Volvo financial services must have good financial statements and a proven record of the company’s income.

Terms and Conditions

Volvo financial services have not provided any information related to mobility, electromobility, or its payment solutions on its website. If the customer wants to apply for these services, they can visit the branch and get more details.

Why finance through Volvo Financial services?

Volvo Group has been serving the transportation industry for almost a century now. The brand has never disappointed its customers so far. The company offers reliable and cost-effective solutions that can help the transportation industry to opt for the most advanced vehicle technology, and hence continues building relationships, helping clients succeed and grow without limitations. Volvo believes in the mantra of thinking ahead and  working together while pushing the envelope to improve and deliver more value to its customers. 

The Bottom Line

Volvo Financial Service is considered to be a market leader for business innovation in the transport industry and can meet the evolving needs of its clients and has the capability of attracting the best talent in the industry. The company works creatively to solve problems of its customers by combining transport megatrends with disruptive high-tech innovation. Although the company does not deal with loans and lease services, it provides the best vehicle-related finances to keep the trucking industry moving.

Volvo Financial Services does not provide loans other than to Volvo customers and retailers. So, if a fleet business wants a loan to buy some other non-volvo vehicle then it should opt for other lenders in the market.

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